Under the Hong Kong Stock Exchange Listing Rules ("Listing Rules"), a Hong Kong-listed company may be required to publicly disclose and in some cases obtain shareholder approval for acquisitions or disposals which exceed certain financial thresholds ("notifiable transactions"). In the case of acquisition of disposal of mineral or petroleum assets, a listed mineral company may also need to comply with additional requirements to procure a qualified professional to prepare a report on such assets according to certain recognised standards (a "Competent Person's Report"). In additional, where mineral or petroleum assets are being acquired, the listed mineral company may need to disclose information on the following:
Under the Listing Rules, an acquisition or disposal will – depending on the size of the transaction – constitute a share transaction, a discloseable transaction, a major transaction, a very substantial transaction or a reverse takeover transaction. These transactions are subject to varying disclosure, announcement and shareholder approval requirements.
Please refer to our tables which illustrate how these types of transaction are categorised and provide a summary of the notification, announcement and shareholder approval requirements for each type of transaction.